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4-33-1601. Conversion to a public water authority.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-33-1601. Conversion to a public water authority.
A corporation which meets the definition of a qualified corporation, as defined by § 4-35-103, may adopt a plan to convert its entity status from that of a nonprofit corporation to a water authority pursuant to § 4-35-101 et seq., unless the articles or bylaws require otherwise, if the conversion is approved:
(1) By a majority of the members of the board of directors of the corporation; and
(2) If the corporation has members, by the lesser of:
(A) Two-thirds (2/3) of the votes cast by the members in person or by proxy at a regular or special meeting of the members at which a quorum as defined in § 4-33-722 is present; or
(B) A majority of the members.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-33-1601
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-33-1601
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dc5fe1cacf5ca1d204a0835186fc114fb4bc750045049536d8f790688291f336
Source location: content.xml paragraph 24028
Stored source content
4-33-1601. Conversion to a public water authority.
A corporation which meets the definition of a qualified corporation, as defined by § 4-35-103, may adopt a plan to convert its entity status from that of a nonprofit corporation to a water authority pursuant to § 4-35-101 et seq., unless the articles or bylaws require otherwise, if the conversion is approved:
(1) By a majority of the members of the board of directors of the corporation; and
(2) If the corporation has members, by the lesser of:
(A) Two-thirds (2/3) of the votes cast by the members in person or by proxy at a regular or special meeting of the members at which a quorum as defined in § 4-33-722 is present; or
(B) A majority of the members.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-33-722. Quorum requirements.
(a) Unless this chapter, the articles, or bylaws provide for a higher or lower quorum, ten percent (10%) of the votes entitled to be cast on a matter must be represented at a meeting of members to constitute a quorum on that matter.
(b) A bylaw amendment to decrease the quorum for any member action may be approved by the members or, unless prohibited by the bylaws, by the board.
(c) A bylaw amendment to increase the quorum required for any member action must be approved by the members.
(d) Unless one-third (1/3) or more of the voting power is present in person or by proxy, the only matters that may be voted upon at an annual or regular meeting of members are those matters that are described in the meeting notice.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-33-722
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-33-722. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-35-101. Legislative intent.
It is the intent of the General Assembly to provide a means by which a nonprofit corporation involved in the sale, transmission, and distribution of potable water to members of the general public and commercial, industrial, and other users may form or convert its entity status from that of a body corporate to that of a public body politic and governmental entity, thereby allowing the entity the opportunity to access the tax-exempt capital markets and assuring the State of Arkansas and the customers of the entity of the lowest water rates possible.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-35-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-35-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-35-103. Definitions.
As used in this chapter:
(1) “Articles” means the articles of constitution or the articles of conversion and reconstitution of a water authority;
(2) “Board” means the board of directors of a qualified corporation or a water authority;
(3) “Bond” means any bond, promissory note, lease-purchase agreement, or other evidence of indebtedness issued, incurred, or entered into by a water authority;
(4) “Commission” means the Arkansas Natural Resources Commission;
(5) “Indenture” means a mortgage, indenture of mortgage, deed of trust, trust agreement, loan agreement, security agreement, or trust indenture executed by the water authority as security for any bonds;
(6)(A) “Project” means any raw or potable water intake, treatment, distribution, transmission, storage, pumping, well site, well field, or other facility, or any combination of the foregoing, which has as its purpose the provision of raw or potable water to members of the general public and commercial, industrial, or other users along with any and all other appurtenances, equipment, betterments, or improvements related thereto.
(B)(i) A project may include any lands or interest in land deemed by the board to be desirable in connection with the project and necessary equipment for the proper functioning and operation of the buildings or facilities involved.
(ii) A project may include the construction, expansion, operation, or maintenance of a wastewater project or wastewater treatment plant;
(7)(A) “Qualified corporation” means any nonprofit corporation originally formed pursuant to the Arkansas Nonprofit Corporation Act of 1993, § 4-33-101 et seq., the Arkansas Nonprofit Corporation Act, § 4-28-201 et seq., or a predecessor statute, which among other things provides, distribute
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-35-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-35-103. This identifies an authority to review, not proof of applicability.